FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For August 13, 2003

Commission File Number 333-66973

AERCO LIMITED

22 Grenville Street
St. Helier
Jersey, JE4 8PX
Channel Islands

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F X

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes

No X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes

No X

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes

No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_____

INDEX TO EXHIBITS

Item
1.	AerCo Limited Monthly Report to Noteholders for August 2003.
24.	Power of Attorney for AerCo Limited.

Page 2 of 3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: August 13, 2003

AERCO LIMITED (Registrant)

By:	/s/ Adrian Robinson
	Name: Adrian Robinson
	Title: Director

Page 3 of 3

Item 1

AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated

Month	August-03
Payment Date	15th of each month
Convention	Modified Following Business Day
Current Payment Date	15-Aug-03
Current Calculation Date	11-Aug-03
Previous Payment Date	15-Jul-03
Previous Calculation Date	9-Jul-03


1. Account Activity Summary between Calculation Dates


	Prior	Deposits	Withdrawals	Balance on
	Balance			Calculation Date
	9-Jul-03			11-Aug-03

Expense Account	1,340,920.32	3,661,204.63	(1,513,230.14)	3,488,894.81
Collection Account	94,586,307.48	13,334,353.93	(13,687,286.48)	94,233,374.93
Aircraft Purchase Account	-	-	-	-

- Liquidity Reserve cash balance	80,899,021.00		-	80,899,021.00

Total	95,927,227.80	16,995,558.56	(15,200,516.62)	97,722,269.74


2. Analysis of Aircraft Purchase Account Activity


Opening Balance on Previous Calculation Date				-
Interest Income				-
Aircraft Purchase Payments				-
Economic Swap Payments				-

Balance on Current Calculation Date				-


3. Analysis of Expense Account Activity


Opening Balance on Previous Calculation Date				1,340,920.32
Transfer from Collection Account on previous Payment Date				3,659,079.68
Permitted Aircraft Accrual				-
Interim Transfer from Collection Account				-
Interest Income				2,124.95
Balance on current Calculation Date
- Payments on previous payment date				(502,730.79)
- Interim payments				(1,010,499.35)
- Other

Balance on Current Calculation Date				3,488,894.81


4. Analysis of Collection Account Activity


Opening Balance on Previous Calculation Date				94,586,307.48
Collections during period				13,334,353.93
Transfer to Expense Account on previous Payment Date
- Required Expense Amount				(3,659,079.68)
- Permitted Aircraft Modifications				-
Interim Transfer to Expense Account				-
Gross Swap payments on previous Payment Date				(3,205,401.83)
Aggregate Note Payments on previous Payment Date				(6,822,804.97)

Balance on Current Calculation Date				94,233,374.93


Analysis of Liquidity Reserve Amount
First Collection Account Reserve				30,000,000.00
Second Collection Account Reserve				35,000,000.00
Cash Held
- Security Deposits				15,899,021.00

Liquidity Reserve Amount				80,899,021.00

A Liquidity Facility of $35 million is also available to AerCo as a primary eligible credit facility, but remains undrawn.

Page 1

AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated

Current Payment Date	15-Aug-03
Current Calculation Date	11-Aug-03
Previous Payment Date	15-Jul-03
Previous Calculation Date	9-Jul-03

Balance in Collection and Expense Account		97,722,269.74
Liquidity Reserve Amount		(80,899,021.00)

Available Collections		16,823,248.74


4. Analysis of Collection Account Activity (Continued)

Analysis of Current Payment Date Distributions

(I)	Total Required Expense Amount	5,000,000.00
(II) a)	Class A Interest but excluding Step-up	1,065,634.73
b)	Swap Payments other than subordinated swap payments	3,468,640.32
(iii)	First Collection Account top-up (Minimum liquidity reserve $30 m)	30,000,000.00
(iv)	Class A Minimum principal payment	-
(v)	Class B Interest	211,509.91
(vi)	Class B Minimum principal payment	669,860.48
(vii)	Class C Interest	374,208.46
(viii)	Class C Minimum principal payment	-
(ix)	Class D Interest	708,333.33
(x)	Class D Minimum principal payment	-
(xi)	Second collection account top-up	50,899,021.00
(xii)	Class A Scheduled principal	5,325,061.50
(xiii)	Class B Scheduled principal	-
(xiv)	Class C Scheduled principal	-
(xv)	Class D Scheduled principal	-
(xvi)	Permitted accruals for Modifications	-
(xvii)	Step-up interest	-
(xviii)	Class A Supplemental principal	-
(xix)	Class E Primary Interest	-
(xx)	Class B Supplemental principal	-
(xxi)	Class A Outstanding Principal	-
(xxii)	Class B Outstanding Principal	-
(xxiii)	Class C Outstanding Principal	-
(xxiv)	Class D Outstanding Principal	-
(xxv)	Subordinated Swap payments	-

	Total Payments with respect to Payment Date	97,722,269.74
	less collection Account Top Ups (iii) (b) and (xi) (b) above	80,899,021.00

		16,823,248.74

		0.00

Page 2

AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated

Current Payment Date	15-Aug-03
Current Calculation Date	11-Aug-03
Previous Payment Date	15-Jul-03
Previous Calculation Date	9-Jul-03


5. Payments on the Notes by Subclass


	Subclass	Subclass	Subclass	Total	Subclass	Subclass	Total	Subclass	Subclass	Total
Floating Rate Notes	A-2	A-3	A-4	Class A	B-1	B-2	Class B	C-1	C-2	Class C

Applicable LIBOR	1.10688%	1.10688%	1.10688%		1.10688%	1.10688%		1.10688%	1.10688%
Applicable Margin	0.3200%	0.4600%	0.5200%		0.6000%	1.0500%		1.3500%	2.0500%
Applicable Interest Rate	1.42688%	1.56688%	1.62688%		1.70688%	2.15688%		2.45688%	3.15688%
Day Count	Act/360	Act/360	Act/360		Act/360	Act/360		Act/360	Act/360
Actual Number of Days	31	31	31		31	31		31	31
Interest Amount Payable	125,191.84	733,162.73	207,280.16	1,065,634.73	89,556.16	121,953.74	211,509.91	167,636.88	206,571.58	374,208.46
Increase in Step-up Interest Amount Payable in Current Month	NA	235,942.86	NA	235,942.86	NA	NA		NA	NA
Total Step-up Interest Amount Payable to date	NA	1,352,132.33	NA	1,352,132.33	NA	NA		NA	NA

Total Interest Paid	125,191.84	733,162.73	207,280.16	1,065,634.73	89,556.16	121,953.74	211,509.91	167,636.88	206,571.58	374,208.46

Expected Final Payment Date	15-Dec-05	15-Jun-02	15-May-11		15-Jul-13	15-Jun-08		15-Jul-13	15-Jun-08
Excess Amortisation Date	17-Aug-98	15-Feb-06	15-Aug-00		17-Aug-98	15-Aug-00		17-Aug-98	15-Aug-00

Original Balance	290,000,000.00	565,000,000.00	235,000,000.00		85,000,000.00	80,000,000.00		85,000,000.00	80,000,000.00
Opening Outstanding Principal Balance	101,889,488.50	543,382,252.30	147,959,557.46	793,231,298.26	60,930,296.62	65,661,373.71	126,591,670.33	79,236,710.01	75,989,451.34	155,226,161.35

Extended Pool Factors	46.51%	100.00%	73.51%		78.44%	97.96%		97.33%	96.75%
Pool Factors	33.29%	100.00%	63.67%		71.34%	95.75%		91.60%	93.23%

Minimum Principal Payment	-	-	-	-	473,051.70	196,808.79	669,860.48	-	-	-
Scheduled Principal Payment	5,325,061.50	-	-	5,325,061.50	-	-	-	-	-	-
Supplemental Principal Payment	-	-	-	-	-	-	-	-	-	-

Total Principal Distribution Amount	5,325,061.50	-	-	5,325,061.50	473,051.70	196,808.79	669,860.48	-	-	-

Redemption Amount								-	-
- amount allocable to principal				-				-	-
- amount allocable to premium								-	-

Closing Outstanding Principal Balance	96,564,427.00	543,382,252.30	147,959,557.46	787,906,236.75	60,457,244.92	65,464,564.93	125,921,809.85	79,236,710.01	75,989,451.34	155,226,161.35


Fixed Rate Notes	D-2

Applicable Interest Rate	8.50000%
Day count	30 / 360
Number of Days	30
Interest Amount Payable	708,333.33

Total Interest Paid	708,333.33

Expected Final Payment Date	15-Mar-14
Excess Amortisation Date	15-Jul-10

Original Balance	100,000,000.00
Opening Outstanding Principal Balance	100,000,000.00

Extended Pool Factors	100.00%
Expected Pool Factors	100.00%

Extended Amount	-
Expected Pool Factor Amount	-
Surplus Amortisation

Total Principal Distribution Amount	-

Redemption Amount	-
- amount allocable to principal	-

- amount allocable to premium	-

Closing Outstanding Principal Balance	100,000,000.00

Page 3

AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated

Current Payment Date	15-Aug-03
Current Calculation Date	11-Aug-03
Previous Payment Date	15-Jul-03
Previous Calculation Date	9-Jul-03


6. Floating Rate Note information for next Interest Accrual Period

Start of Interest Accrual Period	16-Aug-03
End of Interest Accrual Period	15-Sep-03
Reference Date	9-Sep-03


	A-2	A-3	A-4	B-1	B-2	C-1	C-2

Applicable LIBOR	1.11000%	1.11000%	1.11000%	1.11000%	1.11000%	1.11000%	1.11000%
Applicable Margin	0.3200%	0.4600%	0.5200%	0.6000%	1.0500%	1.3500%	2.0500%
Applicable Interest Rate	1.4300%	1.5700%	1.6300%	1.7100%	2.1600%	2.4600%	3.1600%


Fixed Rate Notes	D-1

Actual Pool Factor	100.00%



7. Payments per $ 1,000 Inital Outstanding Principal Balance of Notes


(a) Floating Rate Notes	A-2	A-3	A-4	B-1	B-2	C-1	C-2

Opening Outstanding Principal Balance	101,889.49	543,382.25	147,959.56	60,930.30	65,661.37	79,236.71	75,989.45
Total Principal Payments	5,325.06	-	-	473.05	196.81	-	-
Closing Outstanding Principal Balance	96,564.43	543,382.25	147,959.56	60,457.24	65,464.56	79,236.71	75,989.45

Total Interest	125.19	733.16	207.28	89.56	121.95	167.64	206.57
Total Premium	0.0000%	0.5000%	0.0000%	0.0000%	0.0000%	0.0000%	0.0000%



(b) Fixed Rate Notes	D-2

Opening Outstanding Principal Balance	100,000.00
Total Principal Payments	-
Closing Outstanding Principal Balance	100,000.00
Total Interest	708.33
Total Premium	-

Page 4

Item 24

POWER OF ATTORNEY

Each of the undersigned, being a Director and officer of AerCo Limited, hereby individually appoints John McMahon, Huib van Doorn, Sean Brennan, Brian Marks, Wouter Marinus den Dikken, Pat Keating, Aengus Kelly and Caroline Jones and each of them, acting on behalf of debis AirFinance Administrative Services Limited, as Administrative Agent of AerCo Limited, his true and lawful attorney-in-fact and agent (each an “Attorney-in- Fact”), with full power by power of attorney of substitution and resubstitution, for him and in his name, place and stead, in his capacity as a Director and an officer of AerCo Limited, to sign each Report on Form 6-K which will be filed at least monthly, provided that where any such Report on Form 6-K is required to contain any information in addition to or other than a copy of the relevant monthly report to noteholders the contents of such Report on Form 6-K shall be approved by any one Director of AerCo Limited prior to the filing thereof, each such Report on Form 6-K containing a monthly report to noteholders to be filed monthly on or about the 15th day of each month and each other Report on Form 6-K to be filed within the time prescribed by the Securities and Exchange Commission (the “SEC”) upon the occurrence of certain events listed in the SEC rules and regulations with the SEC and any amendments thereto, and to file the same with any exhibits thereto and any other documents in connection therewith with the SEC, granting unto said Attorney-in-Fact full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said Attorney-in-Fact, or his substitute, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, each of the undersigned has caused this Power of Attorney to be duly executed and delivered in Shannon, Ireland on the date indicated below.

Dated: 24 July 2002	/s/ G. Adrian Robinson
	G. Adrian Robinson

	Witness:	/s/ B. C. Robins

Dated: 24 July 2002	/s/ Peter Sokell
	Peter Sokell

	Witness:	/s/ B. C. Robins

Dated: 24 July 2002	/s/ Kenneth N. Peters
	Kenneth N. Peters

	Witness:	/s/ B. C. Robins

Dated: 24 July 2002	/s/ M. John McMahon
	M. John McMahon

	Witness:	/s/ B. C. Robins

Dated: 9 August 2002	/s/ Sean Brennan
	Sean Brennan

	Witness:	Marian Kennedy

AERCO LTD 6-K